One rather controversial segment in the bill proposed to prohibit the marketing, production and use of cryptocurrencies that operate under a consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. PoW, as in the case of Bitcoin, Ethereum a decentralized open-source blockchain with smart contracts functionality. and many other reputable ones.
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EU lawmakers managed to get a controversial section of the bill removed from the bill Markets in Crypto Assets (MiCA)which would have made it illegal to trade cryptocurrencies that operate on the basis of Proof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW), as is the case withBitcoin, Ethereum and many others.
Deleted provision of the bill MiCA
Originalmente varios legisladores habían alzado su voz a modo de rechazo por las disposiciones contempladas en la sección eliminada, ya que de haberse aprobado dicho proyecto con ese segmento, para 2025 no sería posible crear, vender o comercializar criptoactivos dentro de la Unión Europea siempre que utilicen mecanismos de consenso ambientalmente insostenibles, refiriéndose concretamente a la minería Proof-of-Work.
Criticism of this provision led to a delay in the vote on whether to approve the bill, originally scheduled for yesterday, February 28. Opponents of the initiative claimed that the law would amount to a de facto ban on mining. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. y Ethereum in Europe, making it impossible for personal and institutional custodians to operate with these or other currencies.
The senator responsible for the coalition that produced the bill, Stefan Berger, clarified that this was not the intention behind the inclusion of this section, as it only sought to promote the use of environmentally friendly methods for this practice, so it was understood that “individual passages in the draft report can be misinterpreted and misunderstood as a ban on prisoners of war.”
Following these remarks, Berger confirmed that the provision was completely eliminated. However, the vote has not yet been rescheduled to accept or reject the bill without these considerations.
The MiCA Bill
In relation to this bill, the initiative it envisages is quite ambitious, as it would have the potential to reshape the adoption of cryptocurrencies in Europe.
The initiative was originally proposed in September 2020, and it required that the European Central Bank “to establish uniform rules for cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. service providers and issuers at the EU level”, which would serve as a legal framework for cryptocurrencies throughout the region.
It is worth noting that to date, neither the U.S. nor other nations have managed to create global standards to regulate the operation, use and marketing of cryptocurrencies, so if something like this is achieved, it could set an important precedent in legislative matters for the ecosystem.
Sin embargo, diversas organizaciones locales e internacionales están trabajando justamente para que la minería de criptomonedas PoW, especialmente Bitcoin, adopte energías renovables y se acoja a ciertas normativas para regular efectivamente sus labores a favor del medio ambiente. En Europa, varios legisladores han instado a prohibir definitivamente esta práctica en sus respectivos países a razón de las consecuencias antes mencionadas.
- European Union expects new AML anti-money-laundering laws, regulations, and procedures that aim to end the unlawful income practices. watchdog to oversee cryptocurrencies
- Chainalysis: Europe is the largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. economy with 25% of global transactions
- Hungary’s Central Bank urges the European Union to ban Bitcoin
Source: Decrypt , TheBlockCrypto
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
